Yiren Digital Reports Third Quarter 2024 Financial Results
BEIJING, Nov. 20, 2024 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), an AI-powered platform providing a comprehensive suite of financial and lifestyle services in China, today announced its unaudited financial results for the quarter ended September 30, 2024.
Third Quarter 2024 Operational Highlights
Financial Services Business
-- Total loans facilitated in the third quarter of 2024 reached RMB13.4 billion (US$1.9 billion), representing an increase of 3.5% from RMB12.9 billion in the second quarter of 2024 and compared to RMB9.8 billion in the same period of 2023. -- Cumulative number of borrowers served reached 11,611,899 as of September 30, 2024, representing an increase of 7.4% from 10,807,497 as of June 30, 2024, and compared to 8,595,780 as of September 30, 2023. -- Number of borrowers served in the third quarter of 2024 was 1,498,020, representing an increase of 0.4% from 1,491,756 in the second quarter of 2024 and compared to 1,204,012 in the same period of 2023. As our efforts to upgrade the customer mix reach a milestone success, we are now shifting our focus to increasing the repeat rate of existing high-quality borrowers. -- Outstanding balance of performing loans facilitated reached RMB22.8 billion (US$3.2 billion) as of September 30, 2024, representing an increase of 4.3% from RMB21.8 billion as of June 30, 2024 and compared to RMB15.1 billion as of September 30, 2023.
Insurance Brokerage Business
-- Cumulative number of insurance clients served reached 1,470,738 as of September 30, 2024, representing an increase of 4.3% from 1,410,158 as of June 30, 2024, and compared to 1,256,762 as of September 30, 2023. -- Number of insurance clients served in the third quarter of 2024 was 82,291, representing a decrease of 7.3% from 88,766 in the second quarter of 2024, and compared to 123,693 in the same period of 2023. -- Gross written premiums in the third quarter of 2024 were RMB1,351.3 million (US$192.6 million), representing an increase of 27.4% from RMB1,060.9 million in the second quarter of 2024 and compared to RMB1,428.5 million in the same period of 2023. The quarterly increase was attributed to the gradual recovery of our life insurance business following product changes made in response to new regulations, along with the continued rise in renewed life insurance premiums.
Consumption and Lifestyle Business
-- Total gross merchandise volume generated through our e-commerce platform and "Yiren Select" channel reached RMB507.6 million (US$72.3 million) in the third quarter of 2024, representing a decrease of 8.5% from RMB554.6 million in the second quarter of 2024, and compared to RMB563.2 million in the same period of 2023. The decrease was mainly due to the already high penetration of our products and services within the existing customer pool, along with our strategic scale-back of product offerings as we shift our focus to upgrading customer segmentation.
"I'm pleased to report a stable and healthy quarter with concrete business development and strategic exploration, driven by our 'quality over quantity' strategy, which underscores our consistent focus on sustainable, high-quality growth." said Mr. Ning Tang, Chairman and Chief Executive Officer.
"Our financial services business has improved asset quality through strong risk management and borrower optimization. We've also made progress in exploring new online business models for our insurance division. As a tech-powered platform, Yiren Digital prioritizes the use of technology and digital capabilities to enhance our business model. Furthermore, our AI investments are driving operational efficiency and enhancing the customer experience. These efforts lay the foundation for higher-quality growth and long-term value for our stakeholders."
"In the third quarter of this year, our total revenue reached RMB 1.5 billion, up 13% year-over-year." Mr.Yuning Feng, Chief Financial Officer commented. "On the balance sheet side, as we continued to make strategic long-term investments this quarter, cash and cash equivalents decreased compared to the end of the previous quarter, bringing the total to RMB3.7 billion. Despite this, our cash position remains strong and competitive within the industry. Meanwhile, we are continuing share buybacks and executing cash dividends to enhance returns for our shareholders."
Third Quarter 2024 Financial Results
Total net revenue in the third quarter of 2024 was RMB1,479.1 million (US$210.8 million), representing an increase of 12.8% from RMB1,310.8 million in the third quarter of 2023. Particularly, in the third quarter of 2024, revenue from financial services business was RMB836.2 million (US$119.2 million), representing an increase of 25.2% from RMB668.0 million in the same period of 2023.The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB85.5 million (US$12.2 million), representing a decrease of 67.7% from RMB264.6 million in the third quarter of 2023. The decrease was primarily driven by a decline in life insurance sales, resulting from product modifications mandated by new regulations, along with an industry-wide reduction in commission fee rates due to the implementation of more stringent regulatory standards on rates and terms. Revenue from consumption and lifestyle business and others was RMB557.4 million (US$79.4 million), representing an increase of 47.4% from RMB378.2 million in the third quarter of 2023. The annual increase was primarily attributed to the continuous growth of the service and product penetration in the expanding base of paying customers. As the penetration rate reached a substantial level in the third quarter of 2024, the growth rate is expected to moderate.
Sales and marketing expenses in the third quarter of 2024 were RMB335.6 million (US$47.8 million), compared to RMB195.7 million in the same period of 2023. The increase was primarily driven by the swift growth of our financial services segment and enhanced marketing endeavors aimed at attracting new, high-caliber customers while optimizing our customer composition.
Origination, servicing and other operating costs in the third quarter of 2024 were RMB205.9million (US$29.3 million), compared to RMB245.4 million in the same period of 2023. The decrease was mainly due to the decline in insurance brokerage services.
Research and development expenses in the third quarter of 2024 were RMB150.8 million (US$21.5 million), compared to RMB39.0 million in the same period of 2023. The increase was mainly attributed to our ongoing investment in AI upgrades and technological innovations.
General and administrative expenses in the third quarter of 2024 were RMB80.1 million (US$11.4 million), compared to RMB53.5 million in the same period of 2023. The increase was primarily due to increasing incentive bonus and employee benefits.
Allowance for contract assets, receivables and others in the third quarter of 2024 was RMB94.9 million (US$13.5 million), compared to RMB72.7 million in the same period of 2023. The increase reflects the growing volume of loans facilitated on our platform and the stringent risk estimates in response to the evolving external credit environment.
Provision for contingent liabilities in the third quarter of 2024 was RMB272.4 million (US$38.8 million), compared to RMB11.1 million in the same period of 2023. The increase was mainly attributed to a higher volume of loans facilitated under our risk-taking model([1]).
Income tax expense in the third quarter of 2024 was RMB44.7 million (US$6.4 million).
Net income in the third quarter of 2024 was RMB355.4 million (US$50.7 million), as compared to RMB554.4 million in the same period in 2023. The decrease was primarily due to the growing loan volume facilitated under our risk-taking model, resulting in substantial upfront provisions required by the current accounting principles.
Adjusted EBITDA([2]) (non-GAAP) in the third quarter of 2024 was RMB393.9 million (US$56.1 million), compared to RMB692.7 million in the same period of 2023.
Basic and diluted income per ADS in the third quarter of 2024 were RMB4.1 (US$0.6) and RMB4.0 (US$0.6) respectively, compared to a basic income per ADS of RMB6.3 and a diluted income per ADS of RMB6.2 in the same period of 2023.
Net cash generated from operating activities in the third quarter of 2024 was RMB50.4 million (US$7.2 million), compared to RMB645.4 million in the same period of 2023.
Net cash used in investing activities in the third quarter of 2024 was RMB1,859.6 million (US$265.0 million), compared to RMB393.9 million in the same period of 2023.
Net cash used in financing activities in the third quarter of 2024 was RMB22.2 million (US$3.2 million), compared to RMB502.6 million in the same period of 2023.
As of September 30, 2024, cash and cash equivalents were RMB3,705.9 million (US$528.1 million), compared to RMB5,496.9 million as of June 30, 2024. The decline is due to our long-term investments in business expansion and potential acquisitions, which are still in the early stages and have not been finalized. As of September 30, 2024, the balance of held-to-maturity investments was RMB5.1 million (US$0.7 million), remained unchanged from June 30, 2024. As of September 30, 2024, the balance of available-for-sale investments was RMB321.6 million (US$45.8 million), compared to RMB329.8 million as of June 30, 2024. As of September 30, 2024, the balance of trading securities was RMB63.3 million (US$9.0 million), compared to RMB83.9 million as of June 30, 2024.
Delinquency rates([3]). As of September 30, 2024, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 1.8%, 1.2% and 1.2%, respectively, compared to 1.9%, 1.4% and 1.5%, respectively, as of June 30, 2024.
[1] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on our platform.
[2] "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.
[3] "Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.
Dividend Policy
Under the Company's semi-annual dividend policy, the Company distributed cash dividends in October 2024, representing a payout ratio of 14% of earnings for the first half of 2024.
Update on Share Repurchase
In the third quarter of 2024, the Company allocated US$3.0 million to repurchase shares in the public market. As of September 30, 2024, the Company had in aggregate purchased approximately 5.0 million ADSs in the open market for a total amount of approximately US$16.5 million (exclusive of commissions) under the 2022 share repurchase program.
Business Outlook
Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2024 to be between RMB1.3 billion to RMB1.5 billion, with a healthy net profit margin.
This is the Company's current and preliminary view, which is subject to changes and uncertainties.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.
Currency Conversion
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.0176 to US$1.00, the effective noon buying rate on September 30, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board.
Conference Call
Yiren Digital's management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on November 20, 2024 (or 8:00 p.m. Beijing/Hong Kong Time on November 20, 2024).
Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10194517/fdfac17402
Once registration is completed, participants will receive the dial-in details for the conference call.
Additionally, a live and archived webcast of the conference call will be available at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=MvArF4tV
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital's ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About Yiren Digital
Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in China. Our mission is to elevate customers' financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.
Unaudited Condensed Consolidated Statements of Operations (in thousands, except for share, per share and per ADS data, and percentages) For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, September 30, September 30, 2023 2024 2024 2024 2023 2024 2024 RMB RMB RMB USD RMB RMB USD Net revenue: Loan facilitation services 586,883 695,532 600,899 85,627 1,518,401 1,972,726 281,111 Post-origination services 984 1,290 1,421 203 12,573 4,483 639 Insurance brokerage services 264,611 91,526 85,530 12,188 865,664 301,982 43,032 Financing services 9,937 19,574 31,448 4,481 47,410 61,688 8,790 Electronic commerce services 350,635 523,641 546,366 77,856 881,218 1,572,943 224,143 Guarantee services 30,173 68,934 136,746 19,486 42,275 222,533 31,711 Others 67,551 96,039 76,678 10,927 253,782 217,353 30,972 Total net revenue 1,310,774 1,496,536 1,479,088 210,768 3,621,323 4,353,708 620,398 Operating costs and expenses: Sales and marketing 195,714 285,101 335,647 47,829 450,873 897,971 127,960 Origination,servicing and other operating costs 245,360 246,542 205,913 29,342 791,472 685,725 97,715 Research and development 38,981 55,812 150,840 21,495 101,168 247,173 35,222 General and administrative 53,519 68,670 80,097 11,413 180,623 232,441 33,123 Allowance for contract assets, receivables and others 72,652 123,285 94,913 13,525 160,923 320,532 45,675 Provision for contingent liabilities 11,104 278,925 272,406 38,818 28,578 618,589 88,148 Total operating costs and expenses 617,330 1,058,335 1,139,816 162,422 1,713,637 3,002,431 427,843 Other income/(expenses): Interest income, net 25,815 24,668 21,877 3,117 50,869 74,258 10,582 Fair value adjustments related to Consolidated ABFE (8,104) 38,706 36,423 5,190 (36,777) 90,597 12,910 Others, net 5,177 (11) 2,535 362 11,496 3,201 456 Total other income/(expenses) 22,888 63,363 60,835 8,669 25,588 168,056 23,948 Income before provision for income taxes 716,332 501,564 400,107 57,015 1,933,274 1,519,333 216,503 Income tax expense 161,917 92,036 44,665 6,365 424,345 268,480 38,258 Net income 554,415 409,528 355,442 50,650 1,508,929 1,250,853 178,245 Weighted average number of ordinary shares outstanding, 176,866,653 172,831,722 175,018,644 175,018,644 177,189,206 173,557,082 173,557,082 basic Basic income per share 3.1346 2.3695 2.0309 0.2894 8.5159 7.2072 1.0270 Basic income per ADS 6.2692 4.7390 4.0618 0.5788 17.0318 14.4144 2.0540 Weighted average number of ordinary shares outstanding, 178,366,565 174,711,554 176,035,324 176,035,324 179,220,434 175,457,062 175,457,062 diluted Diluted income per share 3.1083 2.3440 2.0192 0.2877 8.4194 7.1291 1.0159 Diluted income per ADS 6.2166 4.6880 4.0384 0.5754 16.8388 14.2582 2.0318 Unaudited Condensed Consolidated Cash Flow Data Net cash generated from operating activities 645,416 368,908 50,393 7,181 1,753,781 1,051,044 149,773 Net cash (used in)/provided by investing activities (393,919) (536,883) (1,859,587) (264,989) 360,376 (3,080,167) (438,920) Net cash used in financing activities (502,636) (125,884) (22,227) (3,167) (901,587) (162,885) (23,211) Effect of foreign exchange rate changes 2,395 (896) (6,252) (891) 2,543 (5,808) (828) Net (decrease)/increase in cash, cash equivalents and (248,744) (294,755) (1,837,673) (261,866) 1,215,113 (2,197,816) (313,186) restricted cash Cash, cash equivalents and restricted cash, beginning of period 5,824,552 5,993,216 5,698,461 812,024 4,360,695 6,058,604 863,344 Cash, cash equivalents and restricted cash, end of period 5,575,808 5,698,461 3,860,788 550,158 5,575,808 3,860,788 550,158
Unaudited Condensed Consolidated Balance Sheets (in thousands) As of December 31, June 30, September 30, September 30, 2023 2024 2024 2024 RMB RMB RMB USD Cash and cash equivalents 5,791,333 5,496,932 3,705,866 528,082 Restricted cash 267,271 201,529 154,922 22,076 Trading securities 76,053 83,889 63,276 9,017 Accounts receivable 499,027 654,698 668,757 95,297 Guarantee receivable 2,890 260,759 391,547 55,795 Contract assets, net 978,051 962,482 916,543 130,606 Contract cost 32 206 279 40 Prepaid expenses and other assets 423,621 1,662,654 2,291,397 326,521 Loans at fair value 677,835 473,311 414,803 59,109 Financing receivables 116,164 30,501 28,672 4,086 Amounts due from related parties 820,181 1,509,651 3,338,868 475,785 Held-to-maturity investments 10,420 5,087 5,087 725 Available-for-sale investments 438,084 329,829 321,550 45,820 Equity investments - 2,500 7,105 1,012 Property, equipment and software, net 79,158 77,970 80,224 11,432 Deferred tax assets 73,414 44,309 54,595 7,780 Right-of-use assets 23,382 19,462 14,454 2,060 Total assets 10,276,916 11,815,769 12,457,945 1,775,243 Accounts payable 30,902 43,710 42,712 6,085 Amounts due to related parties 14,414 2,485 96,498 13,751 Guarantee liabilities-stand ready 8,802 278,656 449,759 64,090 Guarantee liabilities-contingent 28,351 336,190 512,004 72,960 Deferred revenue 54,044 38,843 18,348 2,615 Payable to investors at fair value 445,762 350,000 350,000 49,875 Accrued expenses and other liabilities 1,463,369 1,727,182 1,672,111 238,274 Deferred tax liabilities 122,075 55,520 16,434 2,342 Lease liabilities 23,648 19,280 15,226 2,170 Total liabilities 2,191,367 2,851,866 3,173,092 452,162 Ordinary shares 130 130 132 19 Additional paid-in capital 5,171,232 5,175,653 5,198,271 740,748 Treasury stock (94,851) (139,380) (160,534) (22,876) Accumulated other comprehensive 23,669 47,798 21,226 3,024 income Retained earnings 2,985,369 3,879,702 4,225,758 602,166 Total equity 8,085,549 8,963,903 9,284,853 1,323,081 Total liabilities and equity 10,276,916 11,815,769 12,457,945 1,775,243
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures (in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and percentages) For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, September 30, September 30, 2023 2024 2024 2024 2023 2024 2024 RMB RMB RMB USD RMB RMB USD Operating Highlights Amount of loans facilitated 9,814,359 12,936,017 13,392,676 1,908,441 24,390,773 38,239,060 5,449,022 Number of borrowers 1,204,012 1,491,756 1,498,020 1,498,020 2,128,924 3,365,960 3,365,960 Remaining principal of performing loans 15,090,800 21,827,634 22,768,555 3,244,493 15,090,800 22,768,555 3,244,493 Cumulative number of insurance clients 1,256,762 1,410,158 1,470,738 1,470,738 1,256,762 1,470,738 1,470,738 Number of insurance clients 123,693 88,766 82,291 82,291 293,254 226,191 226,191 Gross written premiums 1,428,484 1,060,885 1,351,311 192,560 3,684,325 3,324,627 473,756 First year premium 914,839 577,387 511,377 72,871 2,644,082 1,602,905 228,412 Renewal premium 513,645 483,498 839,934 119,689 1,040,243 1,721,722 245,344 Gross merchandise volume 563,224 554,574 507,585 72,330 1,267,611 1,687,280 240,435 Segment Information Financial services business: Revenue 667,966 851,031 836,193 119,157 1,733,813 2,425,341 345,608 Sales and marketing expenses 146,369 253,103 307,459 43,812 311,751 812,484 115,778 Origination, servicing and other operating 59,300 113,234 119,706 17,058 145,870 318,727 45,418 costs Allowance for contract assets, receivables and 77,135 124,765 93,248 13,288 163,111 319,140 45,477 others Provision for contingent liabilities 11,104 278,925 272,406 38,818 28,578 618,589 88,148 Insurance brokerage business: Revenue 264,611 91,526 85,530 12,188 865,664 301,982 43,032 Sales and marketing expenses 3,175 4,263 3,545 505 9,309 11,373 1,621 Origination, servicing and other operating 176,182 122,358 78,466 11,181 599,650 337,707 48,123 costs Allowance for contract assets, receivables and (3,981) (1,502) (414) (59) (355) (904) (129) others Consumption & lifestyle business and others: Revenue 378,197 553,979 557,365 79,423 1,021,846 1,626,385 231,758 Sales and marketing expenses 46,170 27,735 24,643 3,512 129,813 74,114 10,561 Origination, servicing and other operating 9,878 10,950 7,741 1,103 45,952 29,291 4,174 costs Allowance for contract assets, receivables and (313) (11) 1,666 237 (1,545) 1,664 237 others Reconciliation of Adjusted EBITDA Net income 554,415 409,528 355,442 50,650 1,508,929 1,250,853 178,245 Interest income, net (25,815) (24,668) (21,877) (3,117) (50,869) (74,258) (10,582) Income tax expense 161,917 92,036 44,665 6,365 424,345 268,480 38,258 Depreciation and amortization 1,664 2,026 2,401 342 5,310 6,319 901 Share-based compensation 513 2,136 13,235 1,886 5,923 16,578 2,362 Adjusted EBITDA 692,694 481,058 393,866 56,126 1,893,638 1,467,972 209,184 Adjusted EBITDA margin 52.8 % 32.1 % 26.6 % 26.6 % 52.3 % 33.7 % 33.7 %
Delinquency Rates 1-30 days 31-60 days 61-90 days December 31, 2019 2.1 % 1.2 % 0.9 % December 31, 2020 1.3 % 0.7 % 0.6 % December 31, 2021 2.0 % 1.5 % 1.2 % December 31, 2022 1.7 % 1.2 % 1.1 % December 31, 2023 2.0 % 1.4 % 1.2 % March 31, 2024 2.1 % 1.6 % 1.4 % June 30, 2024 1.9 % 1.4 % 1.5 % September 30, 2024 1.8 % 1.2 % 1.2 %
30+ Days Delinquency Rates by Vintage[1] Loan Issued Period Month on Book 2 4 6 8 10 12 14 16 18 20 22 24 2019Q1 0.0 % 0.5 % 1.6 % 2.3 % 3.3 % 4.4 % 5.9 % 6.1 % 6.4 % 6.9 % 6.9 % 6.9 % 2019Q2 0.3 % 1.4 % 2.8 % 5.0 % 7.8 % 8.9 % 9.5 % 10.0 % 10.3 % 10.7 % 10.9 % 11.2 % 2019Q3 0.3 % 2.0 % 5.1 % 7.6 % 9.1 % 10.4 % 11.3 % 12.4 % 13.3 % 14.1 % 14.7 % 15.2 % 2019Q4 0.7 % 3.0 % 4.4 % 5.7 % 6.6 % 7.3 % 8.1 % 8.5 % 9.0 % 9.4 % 9.7 % 10.3 % 2020Q1 0.8 % 2.0 % 3.4 % 4.5 % 5.4 % 5.9 % 6.5 % 6.8 % 7.1 % 7.5 % 8.1 % 8.5 % 2020Q2 0.6 % 2.0 % 3.3 % 4.5 % 5.3 % 6.0 % 6.4 % 6.9 % 7.4 % 8.0 % 8.6 % 8.8 % 2020Q3 1.3 % 2.8 % 4.3 % 5.4 % 6.3 % 6.9 % 7.5 % 8.2 % 8.9 % 9.3 % 9.5 % 9.5 % 2020Q4 0.3 % 1.4 % 2.4 % 3.4 % 4.3 % 5.4 % 6.4 % 7.3 % 7.7 % 8.0 % 8.2 % 8.3 % 2021Q1 0.5 % 1.8 % 3.0 % 4.2 % 5.3 % 6.3 % 7.1 % 7.3 % 7.5 % 7.7 % 7.8 % 7.9 % 2021Q2 0.5 % 2.1 % 3.8 % 5.5 % 6.8 % 7.5 % 7.7 % 7.9 % 8.1 % 8.3 % 8.2 % 8.2 % 2021Q3 0.6 % 2.5 % 4.2 % 5.4 % 6.1 % 6.5 % 6.7 % 6.9 % 6.9 % 6.9 % 6.9 % 6.8 % 2021Q4 0.8 % 2.7 % 4.1 % 4.9 % 5.4 % 5.8 % 5.8 % 5.8 % 5.7 % 5.6 % 5.6 % 5.5 % 2022Q1 0.7 % 2.1 % 3.2 % 4.0 % 4.6 % 4.8 % 4.7 % 4.6 % 4.6 % 4.5 % 4.5 % 4.4 % 2022Q2 0.5 % 1.8 % 2.9 % 3.8 % 4.3 % 4.5 % 4.4 % 4.3 % 4.3 % 4.2 % 4.2 % 4.1 % 2022Q3 0.6 % 2.2 % 3.5 % 4.3 % 4.8 % 5.0 % 5.0 % 4.9 % 4.9 % 4.8 % 4.7 % 4.7 % 2022Q4 0.7 % 2.5 % 3.9 % 4.9 % 5.6 % 5.9 % 5.8 % 5.8 % 5.7 % 5.6 % 5.5 % 2023Q1 0.6 % 2.4 % 4.0 % 5.2 % 5.9 % 6.2 % 6.1 % 6.0 % 5.9 % 5.5 % 2023Q2 0.7 % 3.0 % 4.9 % 6.3 % 7.0 % 7.3 % 7.2 % 6.9 % 2023Q3 0.9 % 3.7 % 5.8 % 7.1 % 7.9 % 8.1 % 7.8 % 2023Q4 0.8 % 3.6 % 5.8 % 7.0 % 7.6 % 2024Q1 0.7 % 3.2 % 5.0 % 6.4 % 2024Q2 0.6 % 2.7 % 2024Q3 0.6 % [1] The 30+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 30 days past due, as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.
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SOURCE Yiren Digital